NZD/JPY may fall 50 - 72 pips

97.57 is our pivot point.

Our preference

Target 96.54.

Alternative scenario

The upside breakout of 97.57, would call for 97.94 and 98.16.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (97.30) but above its 50 period moving average (97.22).

Supports and resistances

98.16 **

97.94 *

97.57 **

97.43

97.26 last

96.76

96.54 **

96.32 *

96.10 **

Number of asterisks represents the strength of support and resistance levels.